The world’s top oil exporter exported 6.663 million barrels per day in August, down from 6.989 million bpd in July.
The company made a net profit of QAR1.86 billion ($511 million) in the third quarter, up from QAR1.77 billion in the year-earlier period.
The company, a unit of Saudi Basic Industries Corp (SABIC), said it made a profit of SAR913 million ($243.5 million) in the third quarter, up from SAR734 million in the year-earlier period.
The field, whose production is around 280,000 bpd-300,000 bpd, will be brought offline “immediately”.
An industry source said there was no impact on oil operations in the world’s top crude exporter.
Kuwait Foreign Petroleum Exploration Company (Kufpec) was last in the market in June 2013 when it sealed a five-year $750 million deal.
Global benchmark Brent has lost more than 28 per cent since June on slow demand and abundant supply.
Saudi Aramco Products Trading Co sold a November 180-centistoke derivative to Glencore at $466.25 a tonne.
Kuwait Oil Co intends to spend some $42 billion on oil and gas projects over five years.
Chang Zhou Almaden, which produces photovoltaic glass, will set up a 15,000 sqm manufacturing facility at the free zone.
Oil saw its biggest daily fall in more than three years on Tuesday.
Kuwaiti crude for November was priced at a discount of 50 cents per barrel to Saudi Arab Medium, unchanged from a month ago and the widest in 10 years.
The IEA forecast that the Middle East’s net oil product exports will reach nearly one million barrels per day in 2015.
Brent crude oil touched just above $88 a barrel on Tuesday – its lowest in almost four years.
The official said that the fall in oil prices will not deeply impact UAE’s GDP growth since the country is economically diversified with oil accounting for less than 30 per cent of the GDP.
Kuwait’s oil minister said on Sunday OPEC was unlikely to cut production to support prices.
The Saudis now appear to be betting that a period of lower prices will be necessary to pave the way for higher revenue in the medium term.
Kuwait’s oil minister Ali al-Omair said that cutting output would not necessarily prop up prices.
The wind farm at Harweel will have a capacity of 50 megawatts, and is expected to begin operating early in 2017.
The lack of a Saudi cut could add to perceptions of traders and analysts that the Kingdom is looking to defend market share, not prices.
Emirates Transport has been meeting the staff transportation needs of ENOC’s group of companies for the last seven years.
The purchases strengthened the Dubai cash price, flipping it into a small premium against its swap for the first time in two months.
The Mirfa IWPP was financed through a mix of bank debt and equity from the shareholders, a statement from ADWEA said.
The deal with Kuwait Foreign Petroleum Exploration Co helps Chevron reduce production risk and gives it more capital to increase drilling in Alberta’s Duvernay shale formation.
The firm aims to raise $25 million in an initial public share offering (IPO).
The refinery could be converted into a storage terminal or might be shut down permanently following the cancellation of the investment, an official said.
The Khazzan project aims to extract around one billion cubic feet (bcf) per day of gas.
Kuwait has invited BP, Total, Royal Dutch Shell, ExxonMobil and Chevron, to bid for an agreement for the northern Ratqa heavy oilfield.
The move comes amid calls from some within the OPEC for action to shore up prices, as international benchmark Brent crude oil has slumped to a two-year low.
Concern over rising OPEC oil supply, weak European and Chinese growth and a stronger dollar pushed Brent to its lowest since June 2012 on Sept 30.